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The natural rate of unemployment is a concept of economic activity developed in particular by Milton Friedman and Edmund Phelps in the 1960s, both recipients of the Nobel prize in economics. In both cases, the development of the concept is cited as a main motivation behind the prize.〔 〕 It represents the hypothetical unemployment rate consistent with aggregate production being at the "long-run" level. This level is consistent with aggregate production in the absence of various temporary frictions such as incomplete price adjustment in labor and goods markets. The natural rate of unemployment therefore corresponds to the unemployment rate prevailing under a classical view of determination of activity. It is mainly determined by the economy's supply side, and hence production possibilities and economic institutions. If these institutional features involve permanent mismatches in the labor market or real wage rigidities, the natural rate of unemployment may feature involuntary unemployment. The natural rate of unemployment is a combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. Occurrence of disturbances (e.g., cyclical shifts in investment sentiments) will cause actual unemployment to continuously deviate from the natural rate, and be partly determined by aggregate demand factors as under a Keynesian view of output determination. The policy implication is that the natural rate of unemployment cannot permanently be reduced by demand management policies (including monetary policy), but that such policies can play a role in stabilizing variations in actual unemployment. Reductions in the natural rate of unemployment must, according to the concept, be achieved through structural policies directed towards an economy's supply side. ==Development== A classic statement regarding the ''natural rate'' appeared in Milton Friedman's 1968 Presidential Address to the American Economic Association:〔Friedman, M., 1968. ‘The role of monetary policy’, American Economic Review, 58(1) (March), 1-17. The quote is on page 8.〕 :“At any moment of time, there is some level of unemployment which has the property that it is consistent with equilibrium in the structure of real wages ... The ‘natural rate of unemployment’ ... is the level that would be ground out by the Walrasian system of general equilibrium equations, provided there is embedded in them the actual structural characteristics of the labour and commodity markets, including market imperfections, stochastic variability in demands and supplies, the costs of gathering information about job vacancies, and labor availabilities, the costs of mobility, and so on.” However, this remained a vision - Friedman never wrote down a model with all of these properties. When he illustrated the idea of the Natural Rate he simply used the standard text-book labor market demand and supply model 〔Friedman, M., 1977. ‘Inflation and unemployment’, Journal of Political Economy, 85, 451-72.〕 that was essentially the same as Don Patinkin's model of full employment.〔Dixon H (2001), (Of coconuts, decomposition, and a jackass: the genealogy of the natural rate ), (Surfing Economics ), Chapter 3〕 In this there is a competitive labor market with both labor supply and demand depend on the real wage and the natural rate is simply the competitive equilibrium where demand equals supply. Implicit in his vision is the notion that the Natural Rate is ''Unique'': there is only one level of output and employment that is consistent with equilibrium. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Natural rate of unemployment」の詳細全文を読む スポンサード リンク
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